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[SCAMEXPOSER]

Most of you will be wondering how come about 4 million bitcoin will disappear forever could it be as a result of scammers hacking, well no it not .
The British Crypto analyst firm named coincover made available that such huge amount of amount of bitcoin is lost forever because the owners are dead and their next of kin don't access to the password and wallet details of where those coins are stored.

 

[Reznov]

there's nothing called 'disappear forever', those coins must be moved to someone's else account, because you simply can't eliminate them completely

 

[Wisdom01]

With this covid19 pandemic that has caused many death rate across different countries , I am pretty sure most would invested into bitcoin and now its wasted

 

[Ewogboka]

there's nothing called 'disappear forever', those coins must be moved to someone's else account, because you simply can't eliminate them completely

Without password to access the wallet how will they move the funds to another wallet , also remember that the wallet developer won't if the persons are dead.

 

[Reznov]

Without password to access the wallet how will they move the funds to another wallet , also remember that the wallet developer won't if the persons are dead.

yeah that's what i meant, they can't know, being inactive for a while doesn't necessarly mean that you are dead, also the transaction could have been made by the developpers

 

[Josemendez]

Most of you will be wondering how come about 4 million bitcoin will disappear forever could it be as a result of scammers hacking, well no it not .
The British Crypto analyst firm named coincover made available that such huge amount of amount of bitcoin is lost forever because the owners are dead and their next of kin don't access to the password and wallet details of where those coins are stored.

Apart from the owner of a wallet , can't block chain or wallet developer access the bitcoin somehow ?
This means a loss to total available bitcoin in the world .

 

[Balint098]

No, there's no way to access those lost fund through normal means. Maybe only hackers can do that. Plus, this lost fund made bitcoin even more scarce and possibly increasing it's price because of limited supply.

 

[SCAMEXPOSER]

Apart from the owner of a wallet , can't block chain or wallet developer access the bitcoin somehow ?
This means a loss to total available bitcoin in the world .

The annoymous nature of bitcoin may not make possible to see the identity of such person and blockchain network develpers will not even know that such people are not longer alive and their next kin have no knowledge.

 

[Raikage]

Yes! That is a reality in Bitcoin.
But i think, rich people has persons handling their assets, so maybe that people becomes rich once the owner dies. Such a waste of money.

 

[SCAMEXPOSER]

Yes! That is a reality in Bitcoin.
But i think, rich people has persons handling their assets, so maybe that people becomes rich once the owner dies. Such a waste of money.

You have a good point of consideration here but may they don't revealed the sensitive details to them , if they can't to their next of kin I don't think that of financial manager will be possible

 

[SCAMEXPOSER]

That is a lot of money. This life no just balance. See wasted money. This is one of the demerits of virtual currency to normal currency. At least normal currency is recoverable when the owner is no more. They should try and find solution to this problem in crypto currency world.

Even this is recoverable if they drop their details to their next of kin but most people don't do that because of fear of betrayal otherwise it is very easy

 

[Balint098]

At least normal currency is recoverable when the owner is no more.

What if the money was burned down by the owner?

They should try and find solution to this problem in crypto currency world.

There is a solution already - ethical hacking, in short brute forcing a wallet security layers to gain access into in. It won't be cheap though.

 

[SCAMEXPOSER]

This ethical hacking will require evidences from the family and proof of ownership of such accept before the developers can hack such account with their conscent.

 

[Josemendez]

The annoymous nature of bitcoin may not make possible to see the identity of such person and blockchain network develpers will not even know that such people are not longer alive and their next kin have no knowledge.

This will be a very big loss to bitcoin . it will also affect the quantity of bitcoin available for trade .
If this continues to happen , there might be a time bitcoin will be very hign because of low supply .

 

[SCAMEXPOSER]

This will be a very big loss to bitcoin . it will also affect the quantity of bitcoin available for trade .
If this continues to happen , there might be a time bitcoin will be very hign because of low supply .

I hope such things don't continue, may blockchain will put a measure to those holding huge amount of bitcoin to update their next of kin data and they contact if a holder didn't transact for like 1 year.

 

[Josemendez]

I hope such things don't continue, may blockchain will put a measure to those holding huge amount of bitcoin to update their next of kin data and they contact if a holder didn't transact for like 1 year.

I think they may not want to contact the next of kin if they have the access to withdraw the money .
This is what banks do when an account holder dies , and they noticed that no next of kin has approached them , they Mo ey is stolen .

 

[Ewogboka]

In my opinion if i have such huge amount if bitcoin I will inform my siblings or parent as the case may be , one should not be too secretive in life with certain things.

 

[Brain]

there's nothing called 'disappear forever', those coins must be moved to someone's else account, because you simply can't eliminate them completely

That's just it, it can't disappear into thin air so it must have landed in someone account. So if it can be traced it will or might be recovered

 

[Josemendez]

In my opinion if i have such huge amount if bitcoin I will inform my siblings or parent as the case may be , one should not be too secretive in life with certain things.

True but sometimes what normally makes them secretive is that fact that people can't be trusted . However there should be atleast one person that will know your investment

 

[Ewogboka]

True but sometimes what normally makes them secretive is that fact that people can't be trusted . However there should be atleast one person that will know your investment

It is necessary or certain sensitive stuffs like this should be written some where that can be accessed on emergency situation.